ABBOTT PARK - Abbott (NYSE: ABT) today announced financial results for the third quarter ended Sept. 30, 2020.
Third-quarter worldwide sales of $8.9 billion increased 9.6 percent on a reported basis and 10.6 percent on an organic basis, which excludes the impact of foreign exchange.
Reported diluted EPS from continuing operations under GAAP was $0.69 and adjusted diluted EPS from continuing operations, which excludes specified items, was $0.98, reflecting 16.7 percent growth versus the prior year.1
Abbott projects full-year 2020 diluted EPS from continuing operations on a GAAP basis of at least $2.35 and full-year adjusted diluted EPS from continuing operations of at least $3.55.
In August, Abbott received FDA Emergency Use Authorization for its BinaxNOW COVID-19 Ag Card rapid test for the detection of COVID-19 infection. The test delivers results in just 15 minutes with no instrumentation required. Abbott is selling the test for $5 and offers a complementary mobile phone app, called NAVICA, that allows people who test negative to display their result.
During the quarter, Abbott launched FreeStyle Libre 2 and obtained CE Mark for FreeStyle Libre 3, which automatically delivers up-to-the-minute glucose readings, unsurpassed 14-day accuracy2 and real-time glucose alarms in the world's smallest and thinnest3 wearable sensor at the same affordable price4 as previous versions. Abbott also announced CE Mark for its Libre Sense Glucose Sport Biosensor, which helps athletes better understand the efficacy of their nutritional choices on training and athletic performance.
In September, Abbott obtained CE Mark for MitraClip G4, its next-generation MitraClip heart device, the leading minimally invasive mitral valve repair device in the world.
'Our strong results and increased guidance are a direct reflection of our ability to innovate and deliver despite challenging conditions,' said Robert B. Ford, president and chief executive officer, Abbott. 'Our new product pipeline continues to be highly productive, and we're well-positioned to finish the year with a lot of momentum.'
ABBOTT'S GUIDANCE FOR 2020
Abbott projects full-year 2020 diluted earnings per share from continuing operations under GAAP of at least $2.35. Abbott forecasts specified items for the full-year 2020 of $1.20 primarily related to intangible amortization, acquisition-related expenses, restructuring and cost reduction initiatives and other net expenses. Excluding specified items, projected adjusted diluted earnings per share from continuing operations would be at least $3.55 for full-year 2020.
ABBOTT DECLARES 387TH CONSECUTIVE QUARTERLY DIVIDEND
On Sept. 17, 2020, the board of directors of Abbott declared the company's quarterly dividend of $0.36 per share. Abbott's cash dividend is payable Nov. 16, 2020, to shareholders of record at the close of business on Oct. 15, 2020.
Abbott has increased its dividend payout for 48 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.
Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 107,000 colleagues serve people in more than 160 countries.